What Is Apollo Currency (APL)?

Apollo Currency (APL) is the token offering of the platform Apollo fintech. The platform aims to deliver innovative solutions for the global economy using new technology, such as blockchain. According to the whitepaper, Apollo fintech aims to employ distributed ledger technology or DLT and database sharding to achieve the vision.

Distributed ledger technology is a digital system to record transactions and distribute details to multiple places. On the other hand, sharding is a partitioning method of blockchain and aids in scaling. The platform aims to use sharding to enhance the network's speed. The scope of Apollo Fintech is to provide solutions in three categories:

• Products for governments, such as national currency platforms with safe ledgers and minimum downtime

• Solutions for commercial clients, such as bank transfer system

• Solutions for consumers, such as centralized exchange and wallets

The platform also uses Smart Contract with the help of a unique engine, the Apollo smart contract engine. The engine helps in writing smart contracts in different programming languages. 

Smart contracts are also helpful for atomic swaps, which the platform employs to execute transactions from one blockchain to another.  APL is the currency of the platform and operates on DEX to make the process convenient and easy. APL also uses the ETH network for Apollo DEX and has individual ETH nodes for processing transactions. 

The platform aims to make transactions seamlessly by introducing Zenon currency, a new and faster cryptocurrency.

History of Apollo Currency (APL)

Apollo’s fintech team has seventeen members, with Steve McCullah as CEO, Sergey Rokhvarg as CTO, and Alexander Mora as director of marketing and communications. The year 2017 saw the creation of Apollo fintech. The platform launched the two protocols, web wallet and first shard, in the next couple of years. The roadmap gives a detailed account of the release of smart contracts, whitepaper, and tech paper.